Berkadia, a distinguished leader in the commercial real estate sector, announced today that it arranged the $52.5 million sale of The Flats at Legacy, a 176-unit Class A multifamily community located in Poquoson, in the Hampton Roads region of Virginia.
Senior Managing Director Drew White, Managing Director Carter Wood, Senior Director Matt Straughan, and Director Cole Carns of Berkadia Richmond led the transaction on behalf of the seller, Franklin Group of Virginia Beach. Utah-based Ceifa Capital
“The Flats at Legacy represented a rare opportunity to acquire a newly delivered, institutional-quality asset in one of the most supply-constrained and affluent submarkets in Coastal Virginia,” said White. “Poquoson’s limited multifamily inventory, top-ranked public schools, and proximity to major aerospace, defense, and healthcare employers continue to drive strong renter demand and long-term rent growth potential.”
“The property’s performance following stabilization demonstrated meaningful pricing power, with new lease rates consistently outperforming in-place rents.” added Wood. “Combined with the community’s luxury finishes, market-leading amenity package, and irreplaceable location fundamentals, The Flats at Legacy was exceptionally well-positioned to attract investor interest.”
Completed in 2024, The Flats at Legacy is located on 24 acres at 200 Big Woods Drive and is the only purpose-built Class A
Community amenities include a resort-style saltwater swimming pool with sundeck and cabanas, outdoor grilling stations and covered pergola, modern clubhouse with entertainment lounge and catering kitchen, state-of-the-art
Poquoson is widely recognized as one of Virginia’s most desirable residential communities, supported by top-performing public schools, high household incomes, and limited future multifamily development opportunities due to limited zoned land and natural geographic barriers.
The property is near many of the region’s largest employment hubs, including NASA Langley Research Center, Langley Air Force Base, Jefferson Lab, Newport News Shipbuilding, Riverside Regional Medical Center, and Oyster Point’s technology and office corridor, Newport News/Williamsburg International Airport, Interstate 64, and the broader Hampton Roads region.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our client’s assets.
To learn more about Berkadia, please visit www.berkadia.com.